South Korea Has No Plan to Ban Bitcoin Trading

GETTYBitcoin price Credit card companies targeting cryptocurrency in latest crackdown

Ethereum also dropped by almost 10% to $1,068.69, while Bitcoin Cash was down 10% at $1,490.24.

The country's customs said that customs service had been closely watching out for illegal foreign exchange trading carried out via cryptocurrency as a part of the task force of the government. The illegal transfer of money through cryptocurrencies has raised Central Bank's concerns. Compared to Japan and the United States, South Korea is still quite a small market.

South Korea's Financial Services Commission on Tuesday confirmed to CNBC that new measures outlined by the body earlier this month had been implemented, but a spokesperson said in an email that it was still too early to discuss any effects of those rules.

As bitcoin started to rise, so did any company that was in any way involved with the cryptocurrency. Worth over $1,300 at its recent peak, Ethereum has definitely become the second most viable platform of the cryptocurrency competitors.

In 2013, a New-York-based entrepreneur began selling processors custom-designed for bitcoin mining, promising better performance and lower energy use than graphic processing unit (GPU).

Until now, Taiwan's TSMC was the only other major processor-manufacturer engaged in the activity.

Customs also reported of cases where Japanese investors sent their yen worth 53.7 billion won to their partners in South Korea for the objective of illegal currency trade. Coinmarketcap holds tremendous influence in the cryptocurrency investment community. Several analysts and Central banks have also bashed cryptocurrencies during the World Economic Forum by raising questions on the underlying value of bitcoin (BTC) and other cryptocurrencies.

However, this is unlikely to rain on the parade of Bitcoin, even though many observers believe that the altcoin is hugely overvalued.

The regulator has previously said it would come up with detailed guidelines for local banks to properly identify its clients by their real names in cryptocurrency transactions. Rival coins Ripple and Litecoin have respectively slid about 45 per cent and 29 per cent, while Ethereum has managed a 47 per cent increase.

However, this statement shouldn't imply that the company is negative about the cryptocurrency niche, with the same firm indicating that the cryptocurrency market will exceed $400 billion by the end of the decade.

It follows weeks of speculation - partly adding to cryptocurrency volatility - that South Korea has been drawing up plans to clamp down on cryptocurrencies. Following the news, Ethereum was hammered dropping down to 1,110, but rebounded to settle in down 9% on the session at 1,212.

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